Santander Unloads Half Of $2.7B Asset Management Unit

Law360, New York (May 30, 2013, 8:09 PM EDT) -- Banco Santander SA has agreed to sell half of its asset management unit to private equity firms Warburg Pincus LLC and General Atlantic LLC in a deal valuing the unit at €2.05 billion ($2.67 billion), the firms said Thursday.

The agreement, which would bring in a net capital gain of €700 million to the Spanish bank, is expected to be completed by the end of 2013, according to a statement by the firms, which did not disclose the exact details of the size of the deal....